Havana Hosts Cigar Festival As Sales Hit Record In 2024

Havana (Cuba): Cuban Cigar sales saw impressive growth in 2024, reaching a record $827 million, a 16 per cent increase from the previous year, according to Habanos SA, the island's leading Cigar exporter. The announcement was made during the XXV CIgar Festival held at the Convention Palace in Havana.

Jose Maria Lopez, Vice President of Development at Habanos SA, expressed satisfaction with the results, noting that the company's growth significantly outpaced the global luxury goods industry, which saw stable sales in 2024. He highlighted the growth as a testament to the brand's resilience and appeal.

The Asia-Pacific region, particularly China, continues to be the driving force behind Habanos SA's success. Lopez revealed that the Chinese market, including mainland China, Hong Kong, and Macau, accounted for 24 per cent of the company's sales by value, making it Habanos' largest market globally in terms of value. Furthermore, China is the world's second-largest tobacco consumption market by volume. The strong performance of Cuban cigars reflects a growing international demand for premium luxury products. (With inputs from AFP)